It is indeed a great computer, but I can't help thinking a used Macbook, Thinkpad, or the plethora of netbooks on the market would better serve even the most avid of hackers.
May I ask what puts you off with it's current incarnation, the Chromebook? It 's only $200 (and up). The external branding can be resolved with a $5 can of 'Plasti-dip', a screwdriver, and a bit of time. You'll end up a with a black, rubberized finish similar to the CR-48.